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Show I- PHELAN FUND INCORPORATED Trustees Find It Matter of Convenience. Income of Property Is Applied Ap-plied to Kearns-St. Ann's ; Orphanage. Property Once Appraised tit Seventy-Fivo Seventy-Fivo Thousand Dollars Has Appreciated. I'tb-N ORDER to facilitate the managc-jjj managc-jjj ment of the largo estato left by J Patrick Phelan for the use and benefit of St. Ann's orphanage, the trustees have incorporated what Is known as the "Phelan Fund" society. Tho papers were filed yesterday with tho County Clerk. Bishop Lawrence Scanlan la president of the society; Michael Curran, secretary, and Stephen Hays, W. C. Hall and Rev. Dennis Klely the other members. Mr. Phelan, who was an aged miner, died about three years ago, bequeathing bequeath-ing an estate, including1 a one-half interest in-terest in the "White House block and various pieces of residence property, to trustees who were to use the Income for the benefit of Kcnrns-St.Ann's orphanage. or-phanage. The property was appraised at 575,000 and has appreciated in value since that time to such an extent that it Is now worth several thousand more. The large revenue has been faithfully npplled to the purpose designated by the testator and will continue to be so npplled, but for convenience It was deemed advisable to form a corpora-lion, corpora-lion, as was done yesterday. No part of the property has been sold, and one of the trustees said Inst night thai no wiles were contemplated. |